How doI protect my credit if I am listed on a mortgageand the house is in foreclosue but I have not lived init since my divorce?

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How doI protect my credit if I am listed on a mortgageand the house is in foreclosue but I have not lived init since my divorce?

I am divorced but my name is still on the home mortgage. I haven’t lived there in over 3 years. It’s now in foreclosure. How do I keep this off of my credit?

Asked on January 17, 2011 under Family Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You can't keep it off your credit--the best you can do is to now "fix" the problem (such as by paying the arrears) so as to minimize the negative information; of course, that has it's own, rather significant issues and is likely either not worth it or not something you can do.

The problem is, lenders don't care about your divorce. They don't care about where you live. All they care about it is that you are a debtor under the mortgage (you name is on the mortgage). That makes you responsible for paying the mortgage and therefore responsibel for any defaults or foreclosures. If you longer reside at this house, then during your divorce, you should have worked matters out--sold the home and split the proceeds; had your ex-spouse refinance to buy out your interest, etc. Unfortunately, at the time that you are in default, it's too late to do anything.


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